Acquiring a business is a significant investment, and understanding its tax position is an important part of making an informed decision. While financial, commercial, and legal due diligence often receive the most attention, tax due diligence can be equally important in identifying liabilities that may otherwise go unnoticed until after completion. In the UK, complex tax legislation and increasing HMRC scrutiny mean that historic tax issues can have financial consequences for

HMRC have introduced a new Loan Charge Settlement Scheme following the Government’s response to the Independent Loan Charge Review. The scheme offers more favourable settlement terms to certain individuals and employers with outstanding disguised remuneration liabilities. For eligible taxpayers, the new scheme could significantly reduce the amount payable. In some cases, the settlement terms could reduce the liability by up to £70,000 compared with the amount that would other

Relocating overseas can offer exciting opportunities, whether you are seeking a different lifestyle, new business ventures, or a more effective approach to managing your wealth. However, leaving the UK does not automatically end your UK tax obligations. The timing of your departure, your ongoing UK connections and the way your assets and investments are structured can all influence your tax position. With tax rules continuing to evolve in the UK and internationally, planning

The abolition of the UK's non-domicile regime on 6 April 2025 marked one of the most significant changes to the UK personal tax system in a generation. For individuals who previously used the remittance basis, the reforms have created an important question: what happens to the foreign income and gains accumulated before 6 April 2025 that have not yet been remitted to the UK? The Temporary Repatriation Facility (TRF) provides a limited-time opportunity to deal with certain his

From 6 April 2027, unused pension funds are expected to be brought within the scope of Inheritance Tax (IHT). This is a significant change to the way pensions have traditionally been used as part of retirement and estate planning. How will pensions be taxed? Under the current rules, unused pension funds are generally outside the scope of IHT. The income tax treatment of pension death benefits also depends on the age at death. Where an individual dies before age 75, beneficiar

From 6 April 2027, employers will be required to payroll certain employee benefits in kind (BiKs), with most remaining benefits expected to come within the mandatory regime from April 2028. The change represents a significant shift from the traditional P11D process. Rather than reporting taxable benefits after the end of the tax year, employers will increasingly need to calculate and report benefits through payroll in real time. For employers providing insurance-based benefit

HMRC is set to receive significantly more information about UK cryptoasset users as new international reporting requirements come into effect. For individuals who have previously bought, sold, exchanged, mined, staked or otherwise received cryptoassets, this makes it increasingly important to understand whether all relevant income and gains have been correctly reported. With new international reporting requirements also coming into effect, individuals with historic cryptoasse

A Personal Liability Notice (PLN) can make a company officer personally responsible for certain liabilities that would otherwise be payable by the company. PLNs can arise in a number of circumstances, including unpaid National Insurance contributions (NICs) and certain penalties relating to deliberate tax non-compliance. The rules are statutory and the conditions HMRC must satisfy depend on the particular PLN regime being used. Receiving a PLN does not necessarily mean that H

When acquiring, constructing or refurbishing commercial property, VAT recovery is often a significant consideration. Businesses may recover substantial amounts of VAT upfront, particularly where a property is intended to be used exclusively for taxable activities. However, recovering VAT at the outset does not necessarily mean the position is permanently settled. The VAT Capital Goods Scheme (CGS) requires businesses to monitor the use of certain high-value capital assets ove

When a business sells a piece of plant or machinery, the immediate focus is usually on the capital allowances consequences. Was the asset in the main pool or a single asset pool? Will there be a balancing allowance or a balancing charge? However, there is another aspect of the disposal that is frequently overlooked: the potential interaction with the chargeable gains rules. In certain circumstances, the disposal of business plant and machinery can result in both a balancing c